Monday, September 17, 2018

Lucid Motors Scoops Up $1 Billion From Saudi Arabia

Newark, California-based Lucid Motors said on Monday that it has raised over $1 billion from Saudi Arabia, from that country's Public Investment Fund (PIF). Lucid Motors, which is developing an electric vehicle called the Lucid Air, says it will use the investment to build a factory for its EVs. The Public Investment Fund of Saudi Arabia also is an investor in competitor Tesla Motors.